Learning outcomes of the course unit
Students will learn the main analytical tools of analysis, being able to catch its dynamics, and its relation with a theretical frame. They will learn institutions dynamics, public actions, in terms of trade-off between politics and markets, understanding the major elements of its stability or instability.
Students will learn major issues related to the economic policy in a intertemporal framework. They will acquire competence of the financial system, financial investments and related risks. Then students will grasp the recent develompments of financial markets, the determination fo interest rates, connection with the real economy and central banks monetary policy.
In the third part, students will enforce their competence in fiscal themes, with a professional approach.
At the end of the course, the student will have acquired:
competence of understanding
• The dynamics of modern democracy, searching for an equilibruim between constitutional principles and the search for the consensus. Specific cases analysis will allow for un understanding of the practical issues in integrating the central state and local authorities.
• Basic tools for evaluating the effects of the monetary policy after the financial crisis, the working of the banking system and the role of the shadow banking
• The actual process of the actors of the tax operations. This part is recommended for students interested in their professional activity
(for the exam, students are reminded that they must choose 2 out of the 3 parts of the course)
Autonomy of evaluation
• Competence in evaluating of the results of the public intervention of the state in the economy, for the social activity, monetary policy, taxation.
• Being able the present and comment in critical terms the results of public actions, monetary issues, taxes. Understanding the related implications and possible scenarios, both to experts and a less qualified audience.
Capability to learn
• Being able to explain complex issues in a coincise manner (but not superficial), using mathematical formulas and graphics.
Course contents summary
The course is focused on pubblic economics, and it is divided in 3 parts.
1. Public finance. Market failures and collective choices. The crisis of democracy, between populism and inequalities. Examination of specific cases, as those of Comacchio Hospital, and the supply of social services in three different Italian cities.
2. Monetary policy after the 2007-8 crisis. The central role of the banking system in creating money. The role of shadow banking in financial markets. The new financial tools. The quantitative easing, and its evolution.
3. Taxation, a pragmatic-operational approach, for a professional competence.
f. Rosen, Gayer: Scienze delle finanze. Parti I, II, III. McGrawHill 2018
g. Franchi, Schianchi: La democrazia del nostro scontento. Dal 1989 al 2016: Il mondo tra attese e delusioni. Carocci editore, 2017.
h. Federico Toth: Il costo del consenso: le decisioni pubbliche tra politica e mercato. Il Mulino 2006.
• A. Andrea Terzi: Economia monetaria, Appunti. EDUCatt 2012
• Andrea Mantovi: Slides. Xero copies available.
• Francesco Saraceno: La scienza inutile. Luiss 2018
• Suggested reading: A. Tooze, Lo schianto, 2008-18. Mondadori 2018
i. Rosen, Gayer (cit.): Scienze delle finanze. Parti IV, V, VI.
j. Gianluca Timpone: Dammi tregua. Imprimatur 2018.
• Knowledge and understanding: lectures
• Applying knowledge and understanding: exampes applied to real economic problems
• Making judgements: students will be encouraged to identify strenghts and weaknesses of the main economic theories and their usefulness in real world applications
• Learning the skills: each topic will be addressed first, explaining the problem to be solved, and then critically analyzing the adopted solutions
• Communication skills: the instructor will illustrate the meaning of the most common terms used by the economic community
Assessment methods and criteria
The exam will be done by 6 questions. 2 for each part of the course.
The student will have to choose by his own decision 3 question out of 2 parts of the program. Each answer deserves a maximum of 9 points. 10 points will be considered for special cases. Each answer must be completed within the limit of 400 words. A slide bullet-format is recommended
Questions may regards both theoretical aspects and actual cases.
Evaluation for the general knowledge and the technical language will refer to the theoretical side of the questions. Evaluation of the application and learning capabilities will be based on explanations and comments of real cases.
For any intermediate exam, students will be informed.